Equity Research Report Ways2Capital 13 Nov 2017

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Nifty futures and bank nifty future market closed at 10362/ 25667.according to technical analysis if nifty futures and bank nifty future moves up-word in upcoming treading sessions then 10400/ 25700 will be next resistance level, if it break this level then nifty futures and bank nifty future can touch 10530 / 26000 level . it will be hard resistance. meanwhile in reveres there is support on 10250/ 25200 for nifty futures and bank nifty future after breaking this support with volume there is big support for nifty futures and bank nifty future on 10000/24500

NSE – WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK

M & M LTD Q2FY18 STANDALONE NET PROFIT RISES 24.7% YOY TO RS.1,331 CRORE
1 Standalone Results Q2FY18: (Rs. in crore)
Q2FY18 YOY( %)

REVENUE 12182 6.40
EBITDA 1730 45.60
EBITDA MARGIN (%) 14.2 382
NET PROFIT 1331 24.70

Mahindra & Mahindra ltd’s Q2FY18 standalone results for the quarter registered a beat on consensus estimates. Revenue for the quarter came in 0.3 % lower than the estimated figure of Rs. 12219 crore. EBITDA for the quarter came in 9.3 % higher than the estimated figure of Rs. 1582 crore. And lastly, net profit for the quarter came in 8.4 % higher than the estimated figure of Rs. 1228 crore. Mahindra & Mahindra ltd consolidated revenue for the quarter came in at Rs. 12182 crore, registering 6.4% yoy increase. This was largely aided by rise in revenue from farm equipment segment by 21% yoy to Rs.3958 crore in Q2FY18. EBITDA for the quarter rose by 45.6% yoy to Rs. 1729.8 crore with a corresponding margin expansion of 382 bps. EBITDA margin for the quarter stood at 14.2%. The PAT for the quarter came in at Rs. 1331 crore, yoy increase of 24.7%. This was due to lower interest expenses by 34% yoy. Moreover, board also recommends 1:1 bonus issue. In Q2FY18 company witnessed good traction in its auto-business. The PV, UV  & trucks segment posted 13.4% ,27% & 86% yoy increase respectively. Further, tractors business also saw 37% yoy increase on account of normal monsoon

PFIZER Q2FY18 STANDALONE NET PROFIT RISES 27.3% YOY
2 Standalone Results Q2FY18: (Rs. in crore)
Q2FY18 YOY( %)

REVENUE 571.10 2.40
EBITDA 183.20 70.70
EBITDA MARGIN (%) 32.10 1283
NET PROFIT 111.10 27.30

Pfizer ltd standalone revenue for the quarter came in at Rs. 571.1 crore, registering 2.4% yoy increase. EBITDA for the quarter rose by 70.7% yoy to Rs. 183.2 crore with a corresponding margin expansion of 1283 bps. EBITDA margin for the quarter stood at 32.1%. This margin expansion was aided by 39% yoy decline cost of raw materials consumed. The PAT for the quarter came in at Rs. 111.1 crore, yoy increase of 27.3%

STATE BANK Q2FY18 STANDALONE NET PROFIT DECLINES 37% YOY TO RS.1,581 CRORE
3 Standalone Results Q2FY18: (Rs. in crore)
Q2FY18 YOY( %)

NII 18586 27
NPA ( %) 9.8 269
PROVISIONS 19137 142
NET PROFIT ( ADJUSTED) 1581 37.70

State bank of India Q2FY18 results missed the street estimates for the quarter. The NII for the quarter was 2.6% below the street estimates of Rs.19088 crore. While net profit for the quarter also was 36% below the street estimates of Rs.2507 crore. The NII for the quarter rose by 27% yoy to Rs.18586 crore in Q2FY18 vs Rs.14600 crore in Q2FY17.This was largely aided by almost 30% increase in interest income & interest expended for the quarter. provisions for the quarter also rose by 142% yoy to Rs.19137 crore in Q2FY18 vs Rs.7896 crore in Q2FY17. Further, bank reported net profit of Rs.1581 crore a yoy decline of Rs.37% yoy.Also, the provisons coverage ratio for the quarter stood at 65.1%  In terms of Asset quality GNPA’s as percentage of total advances rose by 269bps to 9.83% vs 7.14% in Q2FY17. The NNPA’s for the quarter also increased by 124 bps to 5.43% in Q2FY18 vs 4.19% in Q2FY17. Advances & deposits for the quarter rose by 26% & 41% yoy to Rs.1802608 crore & 2623179 crore respectively. The bank also reported exceptional gain of Rs.5437 crore on sale of SBI life insurance company ltd.

BOSCH Q2FY18 STANDALONE NET PROFIT DECLINES 16.5% YOY TO RS.353.3 CRORE
4 Standalone Results Q2FY18: (Rs. in crore)
Q2FY18 YOY( %)

REVENUE 2811.80 0.90
EBITDA 507.90 3.40
EBITDA MARGIN (%) 18.10 76
NET PROFIT 353.30 16.50

Bosch reported standalone results for the quarter registered a miss versus street estimates. Revenue for the quarter came in 11.1 % lower than the estimated figure of Rs. 3164 crore. EBITDA for the quarter came in 10.7 % lower than the estimated figure of Rs. 569 crore. And lastly, net profit for the quarter came in 14.4 % lower than the estimated figure of Rs. 413 crore. Bosch standalone revenue for the quarter came in at Rs. 2811.8 crore, registering 0.9% yoy decline. This was driven by slow down in its Automotive products business. EBITDA for the quarter rose by 3.4% yoy to Rs. 507.9 crore with a corresponding margin expansion of 76 bps. EBITDA margin for the quarter stood at 18.1%. This margin expansion was aided by 14% decline in its other expenses. The PAT for the quarter came in at Rs. 353.3 crore, yoy decline of 16.5%. This was due to 24.6% increase in its depreciation expense.

AUROBINDO PHARMA Q2FY18 CONSOLIDATED NET PROFIT RISES 29% YOY
5 Consolidated Results Q2FY18: (Rs. in crore)
Q2FY18 YOY( %)

REVENUE 4435.90 17.50
EBITDA 1116.90 20.20
EBITDA MARGIN (%) 25.20 57
NET PROFIT 781.20 29

Aurobindo Pharma’s Q2FY18 consolidated results for the quarter registered a beat on street estimates. Revenue for the quarter came in 4.5 % higher than the estimated figure of Rs. 4245 crore. EBITDA for the quarter came in 4 % higher than the estimated figure of Rs. 1074 crore. And lastly, net profit for the quarter came in 12.3 % higher than the estimated figure of Rs. 695.7 crore. Aurobindo Pharma consolidated revenue for the quarter came in at Rs. 4435.9 crore, registering 17.5% yoy increase. EBITDA for the quarter rose by 20.2% yoy to Rs. 1116.9 crore with a corresponding margin expansion of 57 bps. EBITDA margin for the quarter stood at 25.2%. The PAT for the quarter came in at Rs. 781.2 crore, yoy increase of 29%. This was due to decline in effective tax rate to 20% in Q2FY18 vs 27% in corresponding quarter last year. The board of directors has approved an interim dividend of Rs. 1.5 per share for the face value of Rs. 1 each.

6 SAIL Q2FY18 STANDALONE NET LOSS NARROWS TO RS.538 CRORE YOY
7 Standalone Results Q2FY18: (Rs. in crore)
Q2FY18 YOY( %)

REVENUE 13617 8.30
EBITDA 914 730.90
EBITDA MARGIN (%) 6.70 584
NET PROFIT 538 –

SAIL standalone revenue for the quarter came in at Rs. 13617 crore, registering 8.3% yoy increase. This was primarily driven by rise in revenue from IISCO plant by 35% yoy to Rs.1559 crore. EBITDA for the quarter rose by 730.9% yoy to Rs. 914 crore with a corresponding margin expansion of 584 bps. EBITDA margin for the quarter stood at 6.7%. This margin expansion was aided by reduction in inventory by 76% yoy to Rs.351 crore in Q2FY18. The reported loss of the quarter narrows down to Rs.538 crore vs Rs.730 crore in last year corresponding quarter. SAIL has seen 4% growth in H1FY18 with improvement in sales of high value products like cold rolled and galvanized products. Also, sales to railway saw 30% improvement during H1FY18.

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